BALTIMORE, May 3, 2021 /PRNewswire/ -- Under Armour,
Inc. (NYSE: UA, UAA) (the "Company") today announced that it has
entered into a settlement with the U.S. Securities and Exchange
Commission (the "SEC"), resolving a previously announced
investigation related to disclosure and the impact of certain "pull
forward" sales for the third quarter of 2015 through the fourth
quarter of 2016.
Under the terms of the settlement, the Company has agreed to pay
a civil monetary penalty of $9.0
million, in addition to other non-monetary settlement terms.
This settlement relates to the Company's disclosures and does not
include any allegations from the SEC that sales during these
periods did not comply with generally accepted accounting
principles. The Company neither admitted nor denied the SEC's
charges. The settlement resolves all outstanding SEC claims. The
SEC Staff has confirmed that it does not intend to recommend that
any enforcement action be taken against the Company's Executive
Chairman, Chief Financial Officer or any other member of management
in connection with this investigation.
The Company previously announced that it had also been
responding to requests for documents and information from the U.S.
Department of Justice (the "DOJ"). The Company has not received any
requests from the DOJ since the second quarter of 2020.
About Under Armour, Inc.
Under Armour, Inc., headquartered in Baltimore, Maryland, is a leading inventor,
marketer and distributor of branded athletic performance apparel,
footwear and accessories. Designed to help advance human
performance, Under Armour's innovative products and experiences are
engineered to make athletes better. For further information, please
visit http://about.underarmour.com.
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SOURCE Under Armour, Inc.